ICAEW audit mix-up sees hundreds of qualifications rescinded

ICAEW-REGISTERED FIRMS should avoid regulatory wrangling despite an administrative mix-up at the institute, which will see hundreds of accountants have their audit qualification removed.

Some 713 ICAEW accountants were mistakenly handed an audit qualification over the past three years by the institute. The qualifications were originally awarded as part of a process by which the ICAEW made sure that its audit-registered firms followed UK and EU rules - requiring more than half of each firm's partners to have an audit qualification.

The institute used its records to gauge eligibility for the qualification; however, the experience needed by the partners – several years' experience within the UK – was mistakenly handed to those whose experience came from time spent in the UK's Crown dependencies.

A spokesman for the institute apologised for the mix-up, adding that it was very unlikely that any firms would be put at any risk due to ineligibility factors. The ICAEW would not run bulk audit qualification processing again.